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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Stellantis' production in Italy cut by up to 220,000 vehicles

MILAN — A global crunch in semiconductor supply could cost Stellantis up to 220,000 vehicles this year in terms of lost output in Italy, the FIM CISL union said, adding this would mark the fifth year in a row of declining production in the country. FIM CISL said in its periodic report on the group's production in Italy that Stellantis produced 351,890 vehicles in the first half of this year, almost 14% less than in the same period last year, with the key Melfi plant and the Sevel van-making facility being the most affected sites. Using data for the first half of the year and potential full-year production based on orders booked, the union estimates Stellantis could lose between 200,000-220,000 vehicles in 2022, said Ferdinando Uliano, the head of the FIM CISL union. "It's as if one of the group's large plants stopped for a year," he said, adding the chip supply situation was not improving this year and would also affect production in 2023. Uliano said factors including the war in Ukraine and the disruption to Russian gas supplies to Europe would only worsen the part supply situation for the automotive industry. A spokesman for Stellantis declined to comment on data and forecasts provided by FIM CISL, but repeated the carmaker had been taking decisions regarding the management of its operations on a day-by-day, plant-by-plant basis since the start of the COVID pandemic. Plants/Manufacturing Fiat Jeep

Car Club USA: Louisiana Mudfest

There's nothing quite like mudding. Big tires, huge power, and crazy-wild gearheads that like to throw down on a mud pit almost as much as a thirty rack of Coors. In the latest, and some might argue greatest yet episode of Car Club USA, we head to Louisiana to throw some dirt at Mudfest. As Louisiana's one and only Mouth of the South puts it, "If you don't mud ride... go to Texas I guess." Joining The Mouth and friendly rivals The Most Hated Mud Sluts, we dive in. Beyond the obvious V8 blasting and tractor-tire spinning, those who know best describe Mudfest as, "Good cooking, good friends, good fun, and a lot of partying." It's a motorsport spectacle unlike any you're likely to find up North or out West, though no less impressive to behold. Follow along with the fun, the impromptu drag racing, the trash talking, and the mechanical madness. And find out why, at Mudfest, "if we don't tear it up, we ain't done it right." Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Chevrolet Ford Jeep RAM Truck Off-Road Vehicles Car Club USA Videos autoblog black